HC Wainwright Reaffirms Buy Rating for Harmony Biosciences (NASDAQ:HRMY)

Harmony Biosciences (NASDAQ:HRMY - Get Free Report)'s stock had its "buy" rating reissued by HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $70.00 price objective on the stock. HC Wainwright's target price indicates a potential upside of 139.97% from the company's previous close.

Several other research analysts have also recently commented on the company. Mizuho raised their target price on Harmony Biosciences from $42.00 to $44.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 18th. Needham & Company LLC reaffirmed a "buy" rating and set a $50.00 price objective on shares of Harmony Biosciences in a report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Harmony Biosciences in a research note on Tuesday, February 11th. They issued a "buy" rating and a $55.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $53.33.

Harmony Biosciences Stock Performance

NASDAQ HRMY traded up $0.18 during midday trading on Tuesday, hitting $29.17. The company had a trading volume of 827,269 shares, compared to its average volume of 568,427. The firm has a fifty day simple moving average of $33.89 and a two-hundred day simple moving average of $34.80. Harmony Biosciences has a fifty-two week low of $26.47 and a fifty-two week high of $41.61. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 13.82, a P/E/G ratio of 0.47 and a beta of 0.80.

Harmony Biosciences (NASDAQ:HRMY - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.11. The business had revenue of $201.30 million for the quarter, compared to the consensus estimate of $201.25 million. Harmony Biosciences had a return on equity of 23.16% and a net margin of 17.98%. The firm's revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period last year, the business earned $0.45 earnings per share. Equities analysts forecast that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jeffrey Dierks sold 10,507 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total value of $388,864.07. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Sandip Kapadia sold 25,000 shares of Harmony Biosciences stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total transaction of $1,004,500.00. The disclosure for this sale can be found here. Insiders have sold 72,452 shares of company stock valued at $2,831,679 over the last three months. 30.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Harmony Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of HRMY. Financial Management Professionals Inc. acquired a new position in shares of Harmony Biosciences in the 1st quarter valued at $29,000. GAMMA Investing LLC increased its holdings in Harmony Biosciences by 92.6% in the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company's stock valued at $31,000 after purchasing an additional 436 shares during the last quarter. Mendota Financial Group LLC lifted its stake in Harmony Biosciences by 24,125.0% in the fourth quarter. Mendota Financial Group LLC now owns 969 shares of the company's stock valued at $33,000 after buying an additional 965 shares during the period. GF Fund Management CO. LTD. bought a new position in Harmony Biosciences during the fourth quarter worth about $41,000. Finally, KBC Group NV grew its position in shares of Harmony Biosciences by 79.9% during the 4th quarter. KBC Group NV now owns 1,844 shares of the company's stock worth $63,000 after buying an additional 819 shares during the period. 86.23% of the stock is owned by institutional investors.

About Harmony Biosciences

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.